Forex News Blog
Back to The Headlines
Tuesday October 30, 2007 - 12:56:48 GMT
Share This Story
ACM - www.ac-markets.com
Canadian Dollar at all time highs on Mexican oil output halt
By James Brandt - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
The talk of the town, at least temporarily, is the appreciation of the Canadian dollar against most currencies. Crude oil rose to over US$93 a barrel on news that twenty percent of Mexico's oil output was halted. One hundred dollar a barrel does not seem so far fetched now. In an interesting twist, even former Fed Chairman Alan Greenspan was quoted as saying that crude oil at this level is not bad at all if it meant the path to lowering the U.S.'s dependence on imported oil. The USDCAD pair hit a fresh low in yesterday's trading at 0.9515.
The broader attention is of course focused on the FOMC rate decision which is due out on Wednesday. The market seemed to factor-in a 25 basis point cut already. Traders believe the Fed will act in the favor of the markets and cut rates 25bp. To not cut would cause increased volatility in an already unstable market. To cut 50 bp would have the Euro and British Pound boost to stratospheric levels.
The Japanese September jobless rate rose to 4% from 3.8% in August however household spending came out at a strong growth of 3.2% versus an expected 1.4%. The Bank of Japan is expected to keep interest rates unchanged at tomorrow's meeting announcement on the basis of slower global growth.
Today's Key Issues (time in GMT):
07:55 GE Unemployment Change (000's) OCT -30K vs -50K
07:55 GE Unemployment Rate (s.a) OCT 8.70% vs 8.80%
08:00 EC Bloomberg Eurozone Retail PMI OCT
08:00 GE Bloomberg Germany Retail PMI OCT
08:00 IT Bloomberg Italy Retail PMI OCT
08:00 FR Bloomberg France Retail PMI OCT 54 vs 54.2
08:00 IT PPI (MoM) SEP 0.20% vs 0.10%
08:00 IT PPI (YoY) SEP 3.10% vs 1.90%
13:30 CA Industrial Product Price MoM SEP -0.40% vs -1.00%
13:30 CA Raw Materials Price Index MoM SEP 0.70% vs -2.80%
14:00 US S&P/CS Composite-20 YoY AUG -4.20% vs -3.90%
14:00 US S&P/CaseShiller Home Price Ind AUG
14:00 GE IFO Oct. Business Climate Survey by Industry
15:00 US Consumer Confidence OCT 99 vs 99.8
20:00 US ABC Consumer Confidence Oct-28
The Risk Today:
EurUsd is holding very strong above 1.4350 and a break of 1.4450 will expose the psychological 1.4500 and the 100% extension of the previous high-low at 1.4542. On the downside, a close below 1.4400 would be bearish.
GbpUsd the strong uptrend is aiming for 2.0660. A break down below 2.0529 (yesterday's low) opens a return to 2.0300.
UsdJpy must keep below 115.55 to continue a bearish bias. Above 115.55, there is no trouble getting back to 117.89, the 50% Fibonacci retracement of the last intermediate high-low. The pair would be very bearish below 113.50.
UsdChf is trading well below the 1.1800 key level. The pair therefore remains very bearish, especially below the support of 1.1602, the Oct 22nd low. On the upside, bulls will be buying from 1.1800 and up.
Resistance and Support:
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 19 Mar 2018
AA: Major, A: High, B: Medium
Tue 20 Mar 2018
AA 9:30 GB- CPI
A 10:00 DE- ZEW Survey
Wed 21 Mar 2018
AA 03:00 AU- Employment
AA 9:30 GB- Employment
A 12:30 US- Current Account
AA 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
A A 18:00 US- Fed Rate Decision
A 21:00 NZ- RBNZ Rate Decision
Thu 22 Mar 2018
AA All Day flash PMIs
AA 9:30 GB- Retail Sales
AA 12:00 GB- Bank Of England Decision
A 13:30 US- Weekly Jobless
Fri 23 Mar 2018
AA 12:30 CA- CPI/Retail Sales
A 12:30 US- Durable Goods
A 14:00 US- New Homes Sales
John M. Bland, MBA
co-founding Partner, Global-View.com
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.